Nigeria’s non-oil export market faces critical challenges that hinder its potential to drive economic diversification. A recent forum in Gumel, Jigawa State, addressed these issues by equipping exporters in the North-west region with tools and resources to navigate global markets. Challenges and Opportunities Stakeholders highlighted Nigeria’s potential to transform its non-oil exports into a significant source of foreign exchange. However, key challenges, including high energy costs, limited funding, and inadequate infrastructure, persist. According to the Nigerian Export Promotion Council (NEPC), non-oil export revenues fell from $4.8 billion in 2022 to $4.5 billion in 2023. Addressing these challenges requires adding value…

The European Union (EU) has finalised a free trade agreement with the Mercosur bloc, comprising Argentina, Brazil, Paraguay, and Uruguay, marking the culmination of 25 years of protracted negotiations. The deal was formally announced on Friday, December 6, during a summit in Montevideo attended by European Commission President Ursula von der Leyen and the leaders of Mercosur nations. “Today marks a truly historic milestone,” said von der Leyen. “This agreement is not only an economic opportunity but a political necessity, showcasing openness and cooperation in a divided world.” The EU’s chief diplomat, Kaja Kallas, lauded the deal as “good foreign…

China, the world’s largest producer of steel and graphite, is reshaping global trade dynamics through significant policy adjustments. Recent export policies have raised challenges for countries reliant on these materials, particularly India and the United States. The ripple effects extend far beyond economic implications, impacting pricing, market structures, and international trade relationships. China has announced plans to reduce steel exports, a move aimed at restructuring global supply chains. Authorities have introduced measures to curb production of environmentally harmful steel types, steering the industry toward greener practices. While this transition aligns with China’s sustainability goals, it has introduced volatility and created…

South Africa has emerged as the world’s largest exporter of live tigers and their parts, despite lacking captive-breeding facilities registered under the Convention on International Trade in Endangered Species (CITES). This startling revelation of tiger trade comes from a report by global animal welfare organisation Four Paws, titled South Africa’s Out of Control Big Cat Industry. The report highlights how South Africa circumvents CITES recommendations, which advocate for regulated tiger breeding and registration of facilities. This regulatory loophole has enabled the country to lead the global trade in big cat exports, raising concerns about conservation efforts and compliance with international…

Commerce and Industry Minister Piyush Goyal has highlighted the challenges faced by global trade, particularly Indian exports, due to longer shipping routes. Ships are increasingly navigating through the Cape of Good Hope, leading to extended travel times and delays in goods reaching international markets. Addressing the Lok Sabha, Goyal noted that this development has affected trade dynamics, but assured that there is no reported shortage of shipping containers linked to these delays or other geopolitical conflicts, such as the ongoing Russia-Ukraine war or Red Sea tensions. He stated that continuous dialogue is maintained with shipping lines, port operators, and trade…

Vietnam’s vegetable and fruit imports surged significantly in the first ten months of 2024, reaching nearly $1.87 billion, a 15.7 per cent increase year-on-year, according to data from the General Department of Customs. The growth was driven by higher imports from key suppliers, including the United States, Thailand, and Myanmar, with respective increases of 30 per cent, 31.1 per cent, and 33.1 per cent. In October alone, Vietnam imported fruits and vegetables worth nearly $211.7 million, reflecting a 30.8 per cent year-on-year increase. China maintained its position as the largest supplier, contributing $794 million during the ten-month period, which accounted…

British food exports to the European Union have fallen by nearly £3 billion annually since Brexit, according to a report from the Centre of Inclusive Trade Policy (CITP). The decline, attributed to new border checks and regulatory requirements, reflects a 16% average drop in UK food and agricultural exports to the EU over the three years following the UK’s exit from the single market compared to the three years prior. The CITP report highlights how Brexit-related changes have compounded challenges posed by global events, including the Covid-19 pandemic and the Ukraine conflict. However, it notes that trade flows, particularly British…

China announced on Tuesday a ban on key rare mineral export to the United States, a move seen as a direct response to new U.S. export controls targeting China’s chip industry. The Chinese Commerce Ministry stated that gallium, germanium, and antimony—essential materials for advanced technologies and military applications—will now face export restrictions. The decision marks an escalation in the ongoing technological rivalry between the two superpowers. It follows the Biden administration’s announcement on Monday of stringent export controls on chip manufacturing equipment and software, aimed at curbing China’s ability to produce advanced semiconductors. Critical Materials in Focus China’s dominance in…

China has vowed to take decisive steps to protect its enterprises following the US’s announcement of new chip export restrictions. The measures, introduced on Monday, tighten controls on semiconductor manufacturing equipment, storage chips, and other items, while adding 136 Chinese entities to the US export control entity list. These actions also expand long-arm jurisdiction, affecting trade between China and third countries. A spokesperson from China’s Ministry of Commerce (MOFCOM) called the measures “economic coercion and non-market behavior,” stating that they interfere with global trade, destabilize supply chains, and undermine international market rules. “China firmly opposes this unilateral bullying,” the spokesperson…

The Indian government has removed the windfall tax on domestically produced crude oil and fuel exports including petrol, diesel, and aviation turbine fuel, effective immediately. This decision was prompted by a substantial drop in international oil prices and industry appeals for tax relief. Introduced in July 2022, the tax aimed to capture extra profits from private refiners who were favoring exports over domestic supply due to higher overseas demand. The Department of Revenue officially canceled the notifications levying the windfall tax, effective immediately, to serve the public interest. The decision was made after industry representatives argued that the sustained low…